In the current ICO boom, few things cause as much concern as the uncertain regulatory environment. Many do expect that at least some token sales will be considered unlicensed sales of securities and that action by the Securities Exchange Commission (SEC) will be forthcoming. Nick Morgan, a former attorney in the SEC's enforcement division, joined us to discuss the recent report by the SEC on the DAO, how the SEC chooses what kind of cases to prosecute and what their likely next steps will be.